\begin{table}[h!]
    \centering
    \caption{Developer Participation Responses to Variation in 421-a Incentive}
    \label{tab:main_logit}
    \small
    \begin{tabular*}{\textwidth}{@{\extracolsep{\fill}}lccccccc@{}}
\toprule
 & (1) & (2)            & (3)              & (4)        & (5)          & (6)         & (7)              \\  \addlinespace
Fixed Effects:                  & None     & \multicolumn{3}{c}{Borough} & \multicolumn{3}{c}{Neighborhood Tabulation Area} \\ \cmidrule{2-2}\cmidrule{3-5}\cmidrule{6-8}
Controls:                   & None       & None   & Lot   & Lot \& Block       & None & Lot & Lot \& Block      \\ \midrule \addlinespace
421-a Incentive           & 4.92***    & 5.18***      & 5.58***        & 5.99*** & 5.20***    & 5.87***      & 6.02*** \\
                         & (0.30)    & (0.54)      & (0.64)        & (0.69) & (0.65)    & (0.76)      & (0.74) \\ \addlinespace 
$N$                       & 11,669    & 11,669      & 11,647        & 11,640 & 7,465    & 7,450      & 7,445 \\
Clusters & 179    & 179      & 179        & 179 & 82    & 82      & 82 \\ \addlinespace \midrule \addlinespace
Marginal Effect         & 0.18***    & 0.18***      & 0.19***        & 0.19*** & 0.26***    & 0.26***      & 0.26*** \\
 & (0.02)    & (0.03)      & (0.04)        & (0.04) & (0.03)   & (0.03)      & (0.03) \\ \addlinespace
 Std.\ Dev.\ of $\Delta e_i$                      & 0.368***    & 0.350***      & 0.325***        & 0.303*** & 0.349***    & 0.309***      & 0.301*** \\ 
   & (0.023)    & (0.036)      & (0.038)        & (0.035) & (0.044)   & (0.040)      & (0.037) \\\addlinespace \bottomrule
\end{tabular*}
      

        	\begin{spacing}{1}
\begin{tablenotes}
      \item \footnotesize \textit{Notes:} This table reports robustness checks of estimates of the participation effect of the present-value tax-rate differential $\Delta\tau_i$ from providing onsite inclusionary housing under the 421-a exemption. To the baseline specification in Equation \ref{eq:logit}, Columns 2--4 respective add lot controls from PLUTO and Census block controls from the 2017 ACS and 2010 Census. In Columns 5--7, I replace the borough fixed effects with neighborhood fixed effects and reintroduce the lot and block controls. I always also include fixed effects for year of initial permit issuance. Marginal effects reflect the percentage-point increase in the onsite inclusionary housing participation rate per percentage-point increase in the tax incentive. Standard errors are clustered at the neighborhood level. $\sym{*} = p < 0.10$, $\sym{**} = p < 0.05$, $\sym{***} = p < 0.01$.
      \end{tablenotes}
       \end{spacing}
\end{table}